Wed, 19th Feb 2025
from Finance News Wrap Hosted by Paige Estritori
In this week's finance news, Australia's oldest bank, Westpac, reported a solid quarterly profit of $1.7 billion. Despite a 9% drop from previous quarters due to economic challenges, deposits and lending activity increased. Westpac forecasts a rise in unemployment to 4.5% by mid-2025. However, CEO Anthony Miller is hopeful about potential interest rate cuts in response to reduced inflation. Treasury has announced new educational standards for financial advisers, who will only need to register with authorizing bodies instead of the ASIC from July 2026. The Reserve Bank has cut the official cash rate from 4.35% to 4.1%, potentially reducing monthly repayments for average mortgage holders. Economists recommend taking advantage of refinancing options to build financial resilience during this rate drop. Get financial resources at financialservicesonline.com.au to enhance your financial health. Stay tuned for further updates.
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